All research in Brokerage & Wealth Management — 1 reports.
A global low-cost, cross-border, multi-asset automated brokerage platform; 2025 net revenue of 6.205 billion dollars at a 76.9% pre-tax margin. At roughly 75 dollars per share the stock sits at the upper end of fair value, with no meaningful margin of safety. Rating Watch: an excellent business trading at a full price rather than a clearly undervalued opportunity.
